Fundamental analysis, minus the textbook bloat

The five parts

1. Business quality — does this company earn high returns on capital repeatedly? Score it.
2. Earnings power — normalized earnings, not last quarter's headline.
3. Valuation ceiling — the price where the thesis stops paying for its risks. Compute it.
4. Thesis breaks — the measurable events that flip the case. Write them first.
5. Timing — only now look at the chart/signal.

Score part 1 on the Berkshire scorecard; compute parts 2–3 with the free calculator; document part 4; check part 5 in the screener.

Why written beats felt

A written ceiling and written breaks turn "it dropped, should I sell?" into a checklist. That's the entire competitive advantage of a process investor — and every Balance Labs brief is that checklist, pre-filled.

Run your first brief free